EUR/JPY approaches multi-year lows

EUR/JPY came under renewed pressure on Monday and broke below the 123 level during the European session to hit fresh 2-week lows as the yen outperforms major rivals.

EUR/JPY has lost more than a hundred pips throughout the day and bottomed out at 122.37 in recent dealings. The pair is headed south and moves toward its 3-year low scored earlier this month at 121.48.

EUR/JPY levels to consider

In terms of technical levels, immediate support levels are seen at 122.00 (May 9 low/psychologica level), 121.48 (3-year low, May 6) and 121.00 (psychological level). On the flip side, resistances could be found at 123.63 (May 23 high), 124.03 (May 20 high) and 124.45 (50-day SMA).